During the COVID pandemic, housing shortage in the country increased because of mobility issues, but after that the demand kept quite well, Girish Kousgi, Managing Director and Chief Executive Officer PNB Housing Finance said.
The housing finance company, promoted by state-owned Punjab National Bank (PNB), has been bringing down its corporate loan exposure over the last few years and has adopted a retail-first strategy to fuel growth.
Motilal Oswal recommended Neutral rating on PNB Housing Finance with a target price of Rs 500 in its research report dated October 28, 2022.
While the net interest income, interest earned minus expended, jumped by 29 per cent from a year ago to Rs 649 crore. During the quarter, there was a net positive impact of Rs 109 crore on assigned loans, PNB Housing said.
PNB Housing Finance was in focus, rising more than 4 percent to Rs 444, which was one month high, and formed robust bullish candle on the daily charts with large volumes for second consecutive session.
Revenues in the first quarter of FY23 were down at Rs 1,412 crore as against Rs 1,693 crore in the year-ago period, PNB Housing Finance said in a regulatory filing.
The housing finance player, part of state-owned Punjab National Bank, and the 12 individuals, who were directors of the company as on May 31, 2021, jointly paid Rs 72.76 lakh towards settlement.
India showed resilience and recovered quickly from the pandemic induced challenges, emerging as the fastest-growing economies in the world, Hardayal Prasad, Managing Director and CEO, PNB Housing Finance, said in his address to shareholders.
The housing finance company promoted by the city-headquartered state-owned lender Punjab National Bank (PNB) is scheduled to convene its annual general meeting (AGM) next month on July 26
The share touched a 52-week high of Rs 924 on June 8, 2021 and a 52-week low of Rs 350 on April 19, 2021
The lender has said the issue price, rights entitlement ratio, record date, timing and the terms of payment will be determined in due course
Sources indicate that PNB is likely to participate in PNB Housing Finance’s rights issue.
A meeting of the Board of Directors of PNB Housing Finance Limited is scheduled to be held on March 9 to consider fund raising options by issue of equity shares through appropriate methods (including rights issue), subject to requisite approvals, the company said in a regulatory filing on Friday.
Sebi has said any preferential issue resulting in a change in control or allotment of more than a 5 per cent stake will require a valuation report from a registered valuer.
Carlyle's attempt to buy a controlling stake in the company got foiled due to corporate governance issues and valuation concerns
PNB Housing Finance locked horns with SEBI over the pricing methodology of its Rs 4,000-crore deal with Carlyle, as part of which former HDFC Bank MD and CEO Aditya Puri would be a co-investor and join the PSU firm’s board. The transaction opted for the route of preferential allotment of shares, via which the private equity firm sought to acquire control.